Tax Attorney Explains: The 5 Most Critical Financial Accounts You Should Have
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- Опубликовано: 29 июн 2024
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In today's video, we're diving into the five most critical investment accounts you can have to build a solid financial foundation.
Understanding how to organize your money is crucial, so stick around as we break down these essential accounts.
Savings accounts have become more significant with higher interest rates. They act as a safety net for emergencies and short-term saving goals. While they don’t offer substantial growth, their accessibility and security are unmatched. Aim to keep three to six months' worth of expenses in a high-yield savings account.
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Show Notes:
0:00 Intro
0:23 Checking Account
1:43 Savings Account
4:00 Investing Accounts
10:57 Retirement Account & IRA
17:11 HSA (Health Savings Account)
20:45 Final Tips
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#investingstrategies #investmentaccount #HSA #IRA #brokerage
If you want to dive deeper into this topic, schedule a free consultation with my team today. Visit: aba.link/pgs
1. Checking account (3 months of money)
2. Savings accounts (3 to 6 months worth of expenses)
3. Investments account (stocks, bonds, mutual funds, ETF and more). Higher rewards comes with higher risk, get knowledge and caution. Let start with brokerage account, money marketing fund
4. Retirement account
5. Health savings account
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Rose Strayer.
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
I'm new at this, please how can I reach her?
After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery
Glory to God shalom.
Just started using a Fidelity brokerage account as our primary "checking" without losing any features, with a Fidelity business account to hold our excess cash and non-retirement investments. Total game changer! Getting paid to hold our cash as opposed to letting it rot in a bank checking account is incredible.
You're always out here giving the best advice, Toby!
Fidelity's cash back credit card is also pretty good. I keep everything but the cash to go for 2 weeks in my Fidelity account.
Are they invested in stocks or are they just paying a flat rate to keep it in there? If stocks, do you have to make a million trades each month buying and selling to manage money in, and money out?
@@jimdefazio8649 I keep them both in money market funds which is at 4.97% as of today. For funds that don't need to be as liquid (i.e. my true brokerage account), I invest it as I normally would.
What do they pay, what APR?
@@kimberlindy It's not a permanent fixed rate, but it's been right around 5 for awhile now, paid monthly. Their cash-back card is 2 on every purchase (and then promotions like everyone else does). If you play your cards right, you can actually earn 7 on everything you buy by combining that system (5 on the cashing waiting for the bill to come due, plus 2 from the card) instead of spending cash/debit. The cash back goes straight into your brokerage too, so it starts earning its own 5 as soon as you get it.
There are no hoops to jump through to get any of it. It's just a money market account (I'm presently in SPAXX if you want to look deeper into it) that they manage however they manage it. Just start a brokerage account and select your default cash position for whatever fund you want (they're all about the same) and it simply pays that much interest. I would imagine _most_ brokers are about the same right now, but I haven't used anyone but Fidelity.
Their cash back card is just like anyone else's too. Just sign up for it if you want it.
For decades now, my checking is a cash management account. using same brokerage, opened separate purpose built brokerage accounts just for “whatever” vs emergency funds vs long term wealth building. Compartmentalization Made everything so easy and efficient. At a glance I could easily adjust accounts for levels of volatility and liquidity. Only my LLC used a bank.
Excellent video like always!
Excellent topic Brother
Thank you. This is very timely and helpful to me and my family.
Awesome to hear that it was helpful for you and your fam!
Very clear explanations. Thank you.
Glad it was helpful!
ABSOLUTELY UNBELIEVABLE
Really???
Would love to have an HSA but the “low deductible health care plan” is like a grand a month for me and my family and absolutely prices us right out of ever possibly opening an HSA. The prices of health care coverage in America are a complete joke. We use health share instead and do DPC for small stuff.
Excellent
Coach Toby good afternoon
Thank you!!
Glad you enjoyed it!
Thanks
Update on the SEP Roth?
I don't see any advantage for having an HSA if you are a veteran (retiree) ... not paying much when I go to the VA
Dang Toby, looking good sir. Thanks for the advice.
thanks for watching =)
If child support and alimony have no limits, investment accounts shouldn't either! Sorry, sore spot for me.
Several states have set limits on that. It's a state to state issue.
You mention contribution limits when talking about Roth accounts, but not when talking about traditional accounts. Why was that?
The deductible to be eligible for HSA contributions is 1600 currently, but you say 1800 and 1600 within a minute (around 17:25 and 18:20).
You also say you can convert an HSA to Roth if you don't have medical expenses- not true. If you withdraw for non-medical expenses beyond a certain age, you still have to pay taxes on your withdrawals, so it's more like converting to a traditional.
Enjoyed the cadence and structure of your video while making breakfast.
We're in unchartered waters here ...... 15 year past history average investment gains may no longer be a dependable gauge. $35+Trillion DEBT may torpedo most dreams. Hyperinflation may destroy $USD Fiat in short period of time completely devastating investment accounts. Massive DEBT is the elephant in the room that most people are ignoring.
Da man right here
17:20 I'm retired military on Tricare, can I still benefit from HSA?
First off - thank you for your service. I do not think Tricare qualifies as a high deductible plan, so I do not believe you will be able to contribute to an HSA. You might want to see if there are exceptions, but I am fairly certain. Sorry friend.
@@TobyMathis you're the 2nd finance guy and you had the same answer he did. Just thinking of ways to lower my tax bill.
Do you have a dedicated HSA Video? The idea of a reimbursement is confusing.
This video might help =) ruclips.net/video/QYLPBO6iNMQ/видео.html
At what age can you convert it into a Roth ?
If you don't live to that age what happens to the account?
Is it too late to start any of those accounts at age 58 ?
I recommend setting up a free consultation with my team to find the best solutions for your situation. aba.link/pgs
So, yes to paying off the mtg? I’m in the same situation.
Pay off your mortgage but consider ways to protect your house from deed theft.
To clarify: It is not possible to convert a Health Savings Account (HSA) to a Roth IRA after age 65, but you can use your HSA funds for retirement in other ways:
Withdraw funds
Once you turn 65, you can withdraw money from your HSA for any reason, but you'll need to pay ordinary income taxes on withdrawals that aren't used for qualified medical expenses. This is similar to how withdrawals from traditional IRAs are treated after age 59.5
This piece of misinformation severely hurts this guy’s credibility
My Roth hack - I fund my Roth 403b monthly but not my Roth IRA. I add up my receipts at the end of the year, take withdrawals equal to the amount of my receipts, and put it into my Roth IRA. Money going into my Roth IRA is now triple threat and I have do not need to keep receipts forever and have access to all the money at 59.5.
He spent 20 minutes saying two minutes of information
I prefer crypto and real estate only, I'm not interested in stocks
Best of luck with your investing journey
I can understand practical advice but don't tell me how to do your job. I plan on hiring someone in tax and asset protection. They will work for me and I don't have to know how to do their job.
Before he can go to work for you, he has to show you how knowledgeable he is, so you will trust him.